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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2023
Related Party Transactions [Abstract] |
Related party transactions | RELATED PARTY TRANSACTIONS We transact business with the following related parties and affiliated companies (and respective subsidiaries), being companies in which Geveran and companies associated with Geveran have significant influence or control: SFL, Seatankers Management Norway AS, Seatankers Management Co. Ltd, Paratus Energy Services Ltd, Golden Ocean, Frontline Plc, Northern Ocean Limited, Avance Gas, Flex LNG Fleet Management AS and Front Ocean Management AS. Related Party Balances A summary of receivables due from related parties as of December 31, 2023 and 2022 is as follows:
(in thousands of $) |  | 2023 |  | 2022
Seatankers Management Norway AS |  | — |  |  | 16 |
Paratus Management (UK) Limited |  | 8 |  |  | — |
Seatankers Services (UK) LLP |  | 9 |  |  | — |
Frontline Cyprus Ltd |  | 8 |  |  | — |
Frontline Management (Bermuda) Limited |  | 510 |  |  | — |
Northern Ocean Limited |  | — |  |  | 33 |
Avance Gas Trading Ltd |  | 232 |  |  | 2 |
Sloane Square Capital Holdings Ltd |  | 19 |  |  | 9 |
Receivables due from related parties |  | 786 |  |  | 60 |
A summary of payables due to related parties as of December 31, 2023 and 2022 is as follows:
(in thousands of $) |  | 2023 |  | 2022
Frontline Management (Bermuda) Limited |  | — |  |  | (30) |
Frontline Corporate Services Ltd |  | (26) |  |  | (4) |
Flex LNG Fleet Management AS |  | (358) |  |  | (293) |
SFL Corporation Ltd |  | — |  |  | (1) |
Payables due to related parties |  | (384) |  |  | (328) |
Related Party Transactions A summary of expenses recorded from related parties for the years ended December 31, 2023, 2022, and 2021 are as follows:
(in thousands of $) |  | 2023 |  | 2022 |  | 2021
Administration service fees |  |  |  |  |  |
Seatankers Management Co. Ltd |  | (115) |  |  | (225) |  |  | (144) |
Front Ocean Management AS |  | (400) |  |  | (226) |  |  | (55) |
Frontline Management (Bermuda) Limited |  | (128) |  |  | (272) |  |  | (288) |
Front Ocean Management Ltd |  | (257) |  |  | (258) |  |  | — |
Golden Ocean Management AS |  | — |  |  | — |  |  | (1) |
Technical management fees |  |  |  |  |  |
Flex LNG Fleet Management AS |  | (3,435) |  |  | (3,489) |  |  | (3,235) |
Office facilities |  |  |  |  |  |
Seatankers Management Norway AS |  | (85) |  |  | (58) |  |  | (59) |
Frontline plc |  | — |  |  | — |  |  | (2) |
Frontline Management AS |  | — |  |  | — |  |  | (184) |
Chartering services fees |  |  |  |  |  |
FS Maritime SARL |  | — |  |  | (32) |  |  | (337) |
Total related party transactions |  | (4,420) |  |  | (4,560) |  |  | (4,305) |
A summary of income recorded from related parties for the years ended December 31, 2023, 2022, and 2021 are as follows:
(in thousands of $) |  | 2023 |  | 2022 |  | 2021
Frontline Management AS |  | — |  |  | 10 |  |  | — |
Northern Ocean Limited |  | — |  |  | 6 |  |  | 7 |
Avance Gas Holdings Ltd |  | 293 |  |  | 4 |  |  | — |
Sloane Square Capital Holdings Ltd |  | 9 |  |  | 8 |  |  | — |
Paratus Management (UK) Limited |  | 5 |  |  | — |  |  | — |
Seatankers Services (UK) LLP |  | 4 |  |  | — |  |  | — |
Total related party transactions |  | 311 |  |  | 28 |  |  | 7 |
General Management Agreements We have a service level agreement with a Front Ocean Management AS and Front Ocean Management Ltd as part of which they will provide certain advisory and support services including human resources, shared office costs, administrative support, IT systems and services, compliance, insurance and legal assistance. In the year ended December 31, 2023, we recorded an expense, within administrative expenses, of $0.7 million for these services (2022: $0.5 million (2021: $0.1 million)). We have an administrative services agreement with Frontline Management AS, or Frontline Management, under which they provide us with certain administrative support, technical supervision, and other support services, for which we pay our allocation of the actual costs they incur on our behalf, plus a markup. Frontline Management may subcontract these services to other associated companies, including Frontline Management (Bermuda) Limited. In the year ended December 31, 2023, we recorded an expense, within administrative expenses, of $0.1 million from Frontline Management and associated companies for these services (2022: $0.3 million (2021: $0.5 million)). We also have an agreement with Seatankers Management Co. Ltd, or Seatankers, under which it provides us with certain advisory and support services, for which we pay our allocation of the actual costs they incur on our behalf, plus a markup. In the year ended December 31, 2023, we recorded an expense, within administrative expenses, of $0.1 million from Seatankers for these services (2022: $0.2 million (2021: $0.1 million)). Technical Management The Company has ship management agreements with Flex LNG Fleet Management AS, a related party owned by Frontline plc, for which they are responsible for the technical ship management for all of our entire fleet. Under the agreements, Flex LNG Fleet Management AS is paid a fixed fee per vessel per annum, which is subject to an annual review. In the year ended December 31, 2023, we recorded an expense, within vessel operating expenses, of $3.4 million from Flex LNG Fleet Management AS for these services (2022: $3.5 million (2021: $3.2 million)). Income from Related Parties Certain of the Companies employees and management have periodically performed administrative, accounting and chartering services for related parties and these activities are billed to related parties at cost plus a markup. In the year ended December 31, 2023, we recorded an income, within administrative expenses, from related parties of $0.3 million (2022: $0.0 million (2021: $0.0 million)).

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-5 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-6 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//850/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-6 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1 + Details
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